A prominent piece of Fremantle’s architectural history will remain in local hands, after a WA investor secured a landmark 1930s corner building for $2.3 million.
The two-storey property at 116 Wray Avenue, situated at the busy intersection of Wray Avenue and Hampton Road, drew intense competition from both interstate and overseas buyers before selling to the local investor.
Originally constructed in 1933, the heritage-listed building has long been a staple of the local streetscape.
The sale, brokered by RWC WA’s Stephen Harrison and Brett Wilkins on behalf of long-term local vendors, highlights the intense demand for rare freehold commercial properties in popular coastal pockets.
The 361.78sqm property transacted on a 3.5 per cent passing yield, offering a mix of immediate rental income and future potential.
The ground floor is currently leased to national healthcare brand Audika until July 2028 with a further three-year option, while the vacant, character-rich upper floor provides the new owner the immediate opportunity to lease the space out or move their own business straight in.
“Finding a character freehold with 15 dedicated car bays this close to the main Freo strip is incredibly rare, they simply do not come up for sale,” RWC WA agent Stephen Harrison said.
“The property gave buyers immediate stability from the healthcare lease downstairs, alongside the flexibility to immediately utilise or lease out the top floor.”
The competitive campaign reflected a broader trend of buyers targeting well-preserved heritage spaces that have been adapted for modern use.
“We had a massive amount of interest from both local and overseas buyers,” RWC WA Director Brett Wilkins said.
“People loved the fact that it’s an absolute classic 1930s corner shop, but the previous owners did a beautiful job bringing it up to modern standards. They kept all the quirky heritage features like the original timber staircase and leadlight windows, but made it completely functional for a modern medical or office tenant.”
Vacancy across Perth’s premier retail strips has fallen to 3.26 per cent, a decade low, according to RWC WA’s 10th annual Perth retail strips report. Cottesloe and Leederville recorded no empty shops and Fremantle’s South Terrace posting the sharpest improvement. The report, written by director of capital markets Brett Wilkins and capital transactions analyst Struan … […]
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